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Policy makers must expedite initiatives to rebuild public and investor confidence – among them strengthening governance of public institutions, normalizing international relations and pursuing coherent and consistent fiscal and monetary policies, a local financial institution has said.
According to CBZ Holdings, the country’s biggest financial institution with assets worth more than $2,4 billion, the economy is noticeably at an inflection point and there is need to increase the pace of policy reforms.
“The economy is noticeably at an inflection point, hence the need for policy makers to expedite initiatives to rebuild public and investor confidence – among them strengthening governance of public institutions, normalizing international relations and pursuing coherent and consistent fiscal and monetary policies,” chairman Noah Matimba said in a statement accompanying the group’s results.
President Emmerson Mnangagwa has since pledged a cocktail of economic reforms to improve the investment climate and enhance policy clarity, consistency and predictability.
Key anchors of the President’s vision include a policy of economic diplomacy, international re-engagement as well as domestic policies tackling underdevelopment, marginalisation, poverty and corruption.
Most of these basic tenants were lacking in the previous Government where the investment climate was considered as toxic.
Mr Matimba said strengthening governance of public institutions and normalising relations, will undoubtedly, create a stable macroeconomic environment, which in turn will promote further private and public sector investments in the productive and social sectors of the economy.
The financial institution is banking its future performance on the socio-political environment that will prevail going forward.
“During the second half of the year, the direction of the economy will largely depend on the status of the socio-political environment.
“Nevertheless, CBZ Holdings remains well geared to leverage its sizeable balance sheet, strong market presence, diversified business portfolio, strong credit ratings and investment in Research and Development (R&D) to pursue emerging opportunities and manage attendant threats from the operating environment.
Bongani Ndlovu